While digital payments have gained traction in Africa, low-value, high-volume transactions, often prevalent in informal markets, still rely heavily on cash. Payment experts estimate e-payments to grow by at least 30% per year through 2025, with Nigeria leading the pack.
Despite the growing popularity of digital payments in Africa, cash remains a dominant force, particularly for low-value, high-volume transactions. Contactless payments offer a promising solution to this challenge, providing speed, convenience, and security.
Contactless payments require customers to tap NFC-enabled cards (the most prominent contactless payment mode) on the reader or a wearable device to complete transactions.
This article by TechCabal explores the potential benefits of contactless payments in Africa, including increased financial inclusion, improved operational efficiency, and reduced fraud risks. It also delves into the challenges and opportunities associated with the adoption of this technology in the region.
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